| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12486 |
| 来源ID | Working Paper 12486 |
| Irreversible Investment, Real Options, and Competition: Evidence from Real Estate Development | |
| Laarni Bulan; Christopher J. Mayer; C. Tsuriel Somerville | |
| 发表日期 | 2006-08-24 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We examine the extent to which uncertainty delays investment and the effect of competition on this relationship using a sample of 1,214 condominium developments in Vancouver, Canada built from 1979-1998. We find that increases in both idiosyncratic and systematic risk lead developers to delay new real estate investments. Empirically, a one-standard deviation increase in the return volatility reduces the probability of investment by 13 percent, equivalent to a 9 percent decline in real prices. Increases in the number of potential competitors located near a project negate the negative relationship between idiosyncratic risk and development. These results support models in which competition erodes option values and provide clear evidence for the real options framework over alternatives such as simple risk aversion. |
| 主题 | Microeconomics ; Market Structure and Distribution ; General Equilibrium ; Macroeconomics ; Consumption and Investment ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w12486 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570143 |
| 推荐引用方式 GB/T 7714 | Laarni Bulan,Christopher J. Mayer,C. Tsuriel Somerville. Irreversible Investment, Real Options, and Competition: Evidence from Real Estate Development. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12486.pdf（206KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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